Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Helping customers in financial difficulty to get back on track is a priority for the second charge mortgage market.

“This is reflected in the low number of repossessions reported in 2017.

“If customers think they may experience payment difficulties, they should contact their lender at an early stage to explore alternative options. The sooner contact is made, the easier it is to find a solution.”